Blog

ALTRUA Health Share Plans alternative coverage

In this post we will explain a little bit about ALTRUA Health Share Plans alternative coverage. This plan is the answer for people who have problems with the high cost of health care and health insurance. This plan can save you from either having to reduce your coverage or having to pay a high deductible.

Thousands of people have discovered that Health Care Sharing Ministries is a viable alternative to the high cost of health insurance. In fact, sharing ministries much like ALTRUA have been in existence for almost thirty years. There has been billions of dollars of health care needs that fellow members have shared in. Although Health Care Sharing Ministries are NOT insurance they operate in a similar way.

Some times people refer to Individual Health Care Sharing Ministry as (HCSM). If you choose to become a member of an HCSM, your medical providers will consider you to be a self-pay patient. In general, self-pay patients pay lower fees than providers charge health insurance companies. The Members of a sharing ministry remain self-pay. Although they benefit from having other members who believe in caring for one another through the HCSM. Note: Some HCSM plans use providers networks. ALTRUA health share uses the PHCS/Multiplan national network. Any members going to an in network PHCS Multiplan provider will be able to visit the doctor for a cost share of only $35. They will also receive the PHCS Multiplan discount on any other medical services they receive.

ALTRUA does not require a pastor, elder or representative from your local church to verify your church attendance. ALTRUA also does not require the validation of your medical need by submitting it to the membership for sharing. If you are a member of ALTRUA, you do not have to wait for other members to send their individual checks to you to receive your medical payment. Each eligible medical expense you submit to the membership will be paid in accordance to the members’ escrow account instructions and the member guidelines.

ALTRUA is not exclusive for one denomination, religion or faith. This plan (ALTRUA) is a recognized HCSM under the guidelines of the Affordable Care Act. In other words, If you are a member you are eligible for exemption from the share responsibility payment penalty mandated by the Affordable Care Act. ALTRUA has a nationwide membership for both individuals as well as families.

Health Savings Account contribution limits 2018

This information is important to you if, you have a Health Savings Account. You need to be aware of the Health Savings Account contribution limits 2018.

As a matter of fact, The amount that individuals may contribute annually to their health savings accounts (HSAs) for self-only coverage will rise by $50 next year. For HSAs linked to family coverage, the contribution cap will rise by $150.

In Revenue Procedure 2017-37, issued May 4, the IRS provided the inflation-adjusted HSA contribution limits effective for calendar year 2018. They also gave the minimum deductible as well as maximum out-of-pocket expenses for the high-deductible health plans (HDHPs) that HSAs must be coupled with.

HDHP maximum out-of-pocket amounts (deductibles, co-payments as well as other amounts, but not premiums)

Self-only: $6,650
Family: $13,300

Self-only: $6,550
Family: $13,100

Self-only: +$100
Family: +$200

* You can make catch-up contributions any time during the year in which the HSA participant turns 55.
** Unlike other limits, the HSA catch-up contribution amount is not indexed; any increase would require statutory change.

Catch up contribution provisions for those age 55 and older

Account holders who will be 55 or older by the end of year can contribute an additional $1,000 to their HSA. If a married couple are both age 55 or older they may both contribute the extra $1,000. Please note: An HSA is in an individual’s name—there is no joint HSA even when the plan provides family coverage. Therefore only an account holder age 55 or older can contribute the additional $1,000 in his or her own name.

Not All High-Deductible Plans Are HSA Eligible

Besides a high deductible, to qualify as an HDHP, a health insurance plan must not offer any benefit beyond preventive care before those covered by the plan (individuals or families) meet their annual deductible. “An otherwise high deductible plan fails the HSA qualification when it tries to be nice and it gives you some benefits before you meet the deductible. For instance, if the plan provides coverage in the following areas before the individual or family satisfies their deductible, it is not HSA-eligible.

Prescription drugs. Plans may not cover non-preventive prescription drugs with only a co-pay before an individual or family meets the annual deductible.

Office visits. Excluding preventive care such as physical checkups or immunizations. Plans may not cover office visits with only a co-pay, without having to meet the annual deductible first.

Emergency. Additionally, Plans may not cover emergency services with a co-pay outside the deductible.

Contributing to an HSA with Medicare A and/or B

There are a number of people age 65 and older still working. If they have a HDHP at work they may be tempted to put money in an HSA. Additionally, no one is eligible to contribute to an HSA account, if they are currently enrolled in Medicare A and/or B. In fact, the only way to avoid this issue would be for the person to defer the A and B enrollment until a later date.